How to Transfer from Robinhood to Webull

Robinhood is a popular and well-established trading platform, but if you’ve decided that it’s not working for you and you’re considering Webull, don’t worry. Transferring your holdings from Robinhood to Webull is actually quite straightforward and in this article, we’ll guide you through the process.

Webull currently offers new users up to 12 free stocks for trying the platform. You’ll get two free stocks (each worth $3 – $3,000) for signing up. Deposit any amount to get up to 10 more free stocks. Sign up for Webull through this link to be eligible for the bonus.

The Basics of Account Transfers Between Brokers & Dealers

If you’re quite new to trading and you’ve never moved your holdings to another platform, the process may feel daunting. However, account transfers are actually standard practice.

When customer accounts for broker dealers are transferred, it’s generally done via an automated process called ACATS (Automated Customer Account Transfer Service). ACATs are operated by the NSCC (National Securities Clearing Corporation) and they’re used for most common assets including bonds, stocks, and listed options.

Although the transfer process is automated, it can be impacted by certain factors and regulations. For example, the platform needs to verify the transfer request and that the details are correct to prevent unauthorized account transfers. So, if the name, Social Security Number, or other key details on the request do not match the account details, your existing platform will reject your transfer request. For most transfer requests, validating the transfer process takes approximately three business days.

Once the transfer request is validated, your current platform, in this case, Robinhood, will send a list of your account assets to the new platform. The new platform, Webull, will determine if it will accept the transfer. Some firms can decline transfer requests due to a failure to meet minimum equity requirements or a conflict with policies.

After the account information has been matched properly and the account is accepted by your new platform, it will take approximately three business days to deliver the account and complete the transfer. In some circumstances, the delivery process may take more time, for example, if the account requires a custodian.

You may also be interested in our Webull vs. Robinhood comparison.

How to Transfer From Robinhood to Webull

Since it’s a fairly standard process, there are only a few steps involved in transferring from Robinhood to Webull.

1.   Gather Your Transfer Information

The first thing you’ll need to do is gather your transfer information from Robinhood. You’ll need your Robinhood account number that you can find by tapping the “Account” icon on the bottom right of the app. Click on “Investing” and you’ll see your account number at the top of the screen.

Webull may also require your most recent Robinhood statement. This contains all the key information about your account. You should have received this electronically from Robinhood, but you can also retrieve it from the web platform or within the app. Download a copy of your most recent Robinhood statement and keep it on hand during the transfer process.

You may also need to supply Webull with Robinhood’s Depository Trust Company or DTC number. This number is 6769 for all Robinhood accounts and customers.

2.   Address Any Account Restrictions

You need to ensure that before you initiate a transfer, your Robinhood account is in good overall standing. If there are any issues your transfer may be delayed.

If you’re a Robinhood Gold customer, you’ll have access to a number of features including margin. You’ll need to check that your account does not have a negative balance and you have sufficient cash balance to cover any fees.

You can also have a Robinhood account deficit due to banking-related issues. Since Robinhood offers instant deposit, you may have used a free loan while your money was being transferred in. If there were any issues with this, your account may not be in good standing.

3.   Initiate Your Transfer

Once you have all the pertinent information and you’ve checked your Robinhood account is in good standing, you can head to Webull. You’ll need to open a Webull account. Just bear in mind that the name on the account and account type needs to be identical. So, your new Webull account needs to be a taxable brokerage account with the same details as your Robinhood account.

As with opening your Robinhood account, you’ll need to provide Webull with employment information, personal details and your Social Security Number, etc. As this is a brokerage account, Webull is required to collect these details for verification and reporting trade activity to the IRS.

When your account is open, you can initiate the transfer within the Webull app. Simply go to the home page or deposit page and click “Transfer”, then select “Transfer Stock into Webull”. You’ll need to select “Robinhood” from the list of brokers and enter the necessary information you gathered from Robinhood. Finally, designate if you want to initiate a full or partial transfer.

The Differences Between a Full and Partial Transfer

As we just mentioned, you’ll need to specify if you want to make a full or partial transfer from Robinhood to Webull. It’s important to understand the differences between these two transfer options so you can decide which is the best one for you.

As the name suggests, a full transfer will move your entire portfolio over to Webull before closing your Robinhood account. When you select a full transfer, your Robinhood account will be restricted during the transfer. You’ll still be able to view your assets to see if there are any changes, but you will not be able to trade or rebalance your account. As we’ll discuss in more detail below, there may be a residual sweep to collect unsettled trade orders or pending payments that were not included in the first transfer.

A partial transfer is a little more specific. Essentially, you’re authorizing transferring a select portion of your assets. Residual dividends or unsettled orders are added to your Robinhood account, which will remain functional and open. However, any assets included in the transfer will have restrictions on them.

Partial transfers can be a way to invest in a new brokerage without fully committing your investments and funds. You may also find Robinhood offers certain opportunities that may not be available with Webull. In this case, you may prefer to keep your Robinhood account open.

For more on Webull, please see:

• Can You Day Trade on Webull?
• Does Webull Have Fractional Shares?
• Does Webull Have Instant Deposit?
• How to Buy Crypto on Webull
• How Does Webull Make Money?

What Happens to Your Assets?

So, what happens to your assets after a transfer request? This depends on the types of assets.

Stocks and ETFs

Full, settled shares will be transferred to your new Webull account. However, while both platforms offer fractional shares, these do not transfer. If you hold any fractional shares, they will be sold and the funds that result from this sale will be sent to your Webull account as cash during a residual sweep.

Options

Any options contracts that you hold will be transferred across to Webull. But, if you have options that are due to expire in the next five business days, they will not transfer.

Crypto

If you have cryptocurrencies, they are held in a separate Crypto account with Robinhood. These are not included in any transfer orders. Since crypto cannot be transferred to another brokerage, it’s best to liquidate before initiating a transfer. This will ensure that there are no delays to your transfer request. However, if you don’t liquidate your crypto positions, Robinhood may do this on your behalf. The funds resulting from this will be transferred across to Webull as cash either during the initial transfer or the residual transfer period.

Margin

Since both Robinhood and Webull support margin trading, in most cases, margin accounts should be okay to transfer.

Tips to Ensure a Successful Transfer

Although ACATs are automated transfers, there are several things that may cause a delay or compromise the success of your transfer request. There are a few tips that can help you to avoid any delays or transfer failures.

• Check the details of the transfer process: Before initiating a transfer, read through the transfer process information on both platforms. This will help you to be familiar with what to expect and what information is needed for a successful transfer.
• Check Webull’s policies: There may be Webull account policies that may have specific constraints which could prevent a full account transfer. For example, you need to check you meet the minimum requirements for Webull if you want to transfer a margin account.
• Complete your trades before you initiate a transfer: Robinhood will lock your account when you begin the transfer process, so you will be unable to make any trades until the transfer completes. So, before you initiate a transfer, complete any necessary trades. For example, if you hold volatile stocks, you will not be able to make a quick sell order if anything changes, so it may be a good idea to sell before you begin the account transfer.
• Ask questions: While you may have read about the transfer process, you may still have queries or questions, so ask them. Both Webull and Robinhood have great customer service, so ask your questions to avoid causing a delay in the transfer.

What If the Account Transfer Fails?

There can be a number of reasons why an account transfer is rejected. These include:

• Discrepancies in the account information such as the social security number or account holder name.
• A duplicate transfer order
• Trades are attempted during the transfer period
• The account value has fallen below Webull’s minimum requirements or accepting the transfer order would trigger a Webull margin call.

If your account transfer fails, you’ll need to contact Webull to find out the specific reason. You may be able to get a response from Robinhood, but approaching Webull is likely to be a better option. As the receiving firm, Webull is likely to have more information.

When you know the reason the transfer was rejected, you’ll be able to resolve any issues and resubmit the transfer request.

Frequently Asked Questions

Final Thoughts on Transferring from Robinhood to Webull

If you have concerns that Robinhood is not a good fit for you and your trading strategies, you don’t need to sell all your investments and start over again with Webull. You can move your entire portfolio or part of your investments from Robinhood to Webull with the minimum of fuss.

Webull will handle the transfer, you just need to be aware of what’s needed from you and be prepared for your account to be frozen during the transfer. If you familiarize yourself with the details in this article, you should find no surprises and within approximately six working days, you can be trading with a brand new platform.